Filing Flows › Cohen & Steers (CNS) › Takeover & LBO
Is Cohen & Steers (CNS) a takeover target?
A leveraged buyout at today's price plus 30% ($89.86 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $53.92 a share (−22% against today's $69.12).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $89.86 | today's $69.12 plus 30% |
| × shares | 52.1 million | |
| = Equity value | $4.7B | |
| + Debt refinanced | $0 | |
| − Cash | $59.2M | |
| = Enterprise value | $4.6B | 22.6× EBITDA of $205M |
| Fees | $92.5M | 2% of the price |
| New debt | $1.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.6B | 76% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $648M | $221M | $86.0M | $100M | $1.0B |
| Year 2 | $691M | $236M | $78.4M | $119M | $906M |
| Year 3 | $729M | $249M | $69.3M | $137M | $769M |
| Year 4 | $760M | $259M | $58.8M | $154M | $615M |
| Year 5 | $783M | $267M | $47.0M | $170M | $445M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 17.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $4.6B | |
| − Debt left | $445M | |
| = Buyer's equity | $4.2B | |
| Money multiple | 1.16× | on $3.6B put in |
| Buyer's yearly return (IRR) | 3.1% |
Price against return
What the buyer makes at other premiums over today's $69.12; the IRR reaches 20% at $53.92 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $76.03 | 7.9% |
| 20% | $82.94 | 5.3% |
| 30% | $89.86 | 3.1% |
| 40% | $96.77 | 1.1% |
| 50% | $103.68 | −0.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $600M | |
| EBITDA, last 12 months | $205M | 34.1% of revenue |
| Depreciation and amortization | $10.2M | |
| Capital spending | $3.8M | |
| Debt | $0 | |
| Cash | $59.2M | |
| Share price | $69.12 | on Oct 12, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Cohen & Steers would cost about $79.42 a share, $4.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 9.5% | $75.69 | $3.9B |
| Median | 14.9% | $79.42 | $4.1B |
| High end (a quarter paid more) | 33.6% | $92.34 | $4.8B |
Cohen & Steers' latest quarter
Cohen & Steers, Q3 2026: revenue $157M (+11% year over year), operating margin 32.4%, net earnings $42.2M, operating cash flow $20.9M. The chart follows the revenue to costs, profit and cash.
Questions
Is Cohen & Steers being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Cohen & Steers?
A leveraged buyout at today's price plus 30% ($89.86 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $53.92 a share (−22% against today's $69.12).
What would a takeover of Cohen & Steers cost?
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Cohen & Steers would cost about $79.42 a share, $4.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.